When you withdraw money from a foreign superannuation scheme, you need to know what fraction of it is counted as income. This fraction is decided by how many years you have been getting payments from the scheme. You can find the fraction for your situation in a table.
The table shows the fraction as a percentage, and it increases as the number of years goes up. For example, if you have been getting payments for one year, the fraction is 4.76%. If you have been getting payments for 26 years or more, the fraction is 100%.
The fractions are set out in the Income Tax Act 2007, specifically in section s CF 3.
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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM6038804.
Schedule 32: Recipients of charitable or other public benefit gifts, or
"Who you can donate to and claim a tax rebate for in New Zealand"
Schedule 34: Community housing trusts and companies: income and assets of beneficiaries and clients, or
"Rules for community housing help: income and asset limits for people who need a home"
|
Column 1 schedule year |
Column 2 schedule year fraction (%) |
|---|---|
| 1 | 4.76 |
| 2 | 9.45 |
| 3 | 14.06 |
| 4 | 18.60 |
| 5 | 23.07 |
| 6 | 27.47 |
| 7 | 31.80 |
| 8 | 36.06 |
| 9 | 40.26 |
| 10 | 44.39 |
| 11 | 48.45 |
| 12 | 52.45 |
| 13 | 56.39 |
| 14 | 60.27 |
| 15 | 64.08 |
| 16 | 67.84 |
| 17 | 71.53 |
| 18 | 75.17 |
| 19 | 78.75 |
| 20 | 82.28 |
| 21 | 85.74 |
| 22 | 89.16 |
| 23 | 92.58 |
| 24 | 95.83 |
| 25 | 99.08 |
| 26 or more | 100.00 |
